Deputy governor of Financial System Stability of the Central Bank of Nigeria (CBN), Philip Ikeazor, has said that the rise in non-performing loans in the Nigerian banking industry is alarming.

Personal statements of the Monetary Policy Committee Members, released on CBN’s website on Tuesday, show that NPL in the industry has risen by 0.3 per cent to 4.5 per cent, a situation Ikeazor said gives backing to the recapitalization move by the apex bank.

In his statement at the last MPC meeting held in March, Ikeazor raised the concern by stating that the banking sector has remained resilient, with most financial soundness indicators within their regulatory thresholds.

“Despite this, the moderate increase in NPLs and the slight decline in CAR reinforces the importance of recapitalizing the banking system.

“The imbalance between the exposure of the oil and manufacturing sectors and their poor contribution to growth is problematic, even as non-performing loans (NPLs) continue to rise.

“Considering their vulnerability to rate hikes, consecutive aggressive tightening will further depress the economy.

“The pressure point is already manifesting as indicated in the projected contraction of PMI in the industrial sector by 7.1 index points occasioned by rising input cost and low-capacity utilization,” he pointed out.

Another member of the Monetary Policy Committee(MPC), former director general of the Securities and Exchange Commission (SEC), Lamido Abubakar Yuguda, noted the rise in NPL. However, he said it is still within the prudential threshold of five per cent.

To him, “the banking sector has remained safe and sound with the key indicators within the prudential benchmarks.

“The CAR was above the 10 per cent mark in February. The non-performing loans (NPLs) ratio at 4.5 per cent was up marginally by 0.3 percentage points compared to January 2024 but remained below the prudential benchmark of 5.0 per cent.

“The Industry Liquidity Ratio (LR) was 42.7 per cent, exceeding the minimum regulatory requirement of 30.0 per cent and was higher than the 42.1 per cent recorded in the previous month.”

Recall that on April 2, the apex bank raised the minimum capital requirement for all banks in Nigeria.

Former Vice President, Atiku Abubakar, has denounced what he said is President Bola Tinubu’s tendency to increase tariff, which he said does not correspond with what Nigerians are getting.

Atiku stated this on Tuesday to mark Workers’ Day celebration on May 1.

A statement from the 2023 presidential candidate of the Peoples Democratic Party (PDP) noted that the president is subsidising corruption and living in affluence while impoverishing the masses.

Atiku said as Nigerian workers join their counterparts across the world to celebrate International Workers Day, “it is a sobering truth that the plight of the Nigerian worker remains dire.”

He lamented that despite prolonged pledges and flowery words by the government, the much talked-about prospects of wage increment for the Nigerian worker remains a mirage.

The former veepee pointed out that every dawn unveils renewed hardships and harsh living conditions in the current administration.

According to Atiku, “The continued increase in tariffs in different service offerings without addressing the corruption and inefficiencies in the system only amounts to long-suffering Nigerians subsidising the corruption and inefficiencies in the system.”

He noted that since the days of legendary, Pa. Michael Imoudu, to later day fire brands such as Pascal Bafyau and Comrade Adams Oshiomhole, the Nigerian worker has been at the forefront of the fight against tyranny and bad governance.

He emphasised that no administration in Nigerian “history has trampled workers’ rights like this one. Daily, workers face uncertainty over skyrocketing prices of essential goods.

“The Nigerian worker has had it so rough under this current administration and it is unfortunate that while the living conditions of the Nigerian worker remains at a miserably low ebb, the Nigerian government continues to regale its international audiences with tales of how the masses are being weaned of their wasteful dependence on government.

“It is thus beginning to appear, that as far as the current federal government is concerned, the management of our country’s micro-economic outlook is an unwieldy laboratory experiment, to which the Nigerian worker is laid prostrate.

“While I cannot but share my sympathy with the Nigerian worker for the way the current government has ridiculed her for far too long, I must equally express my felicitations with the Nigerian worker on this year’s Workers Day.

“It is my hope that the theme of this year’s Labour Day: Ensuring Safety and Health at Work In a Changing Climate, will inspire the Nigerian government to put the concerns of the Nigerian Worker on the front burner,” Atiku stated.

Former deputy governor of the Central Bank of Nigeria (CBN) Prof. Kingsley Moghalu has urged the federal government to privatise the Nigerian National Petroleum Company Limited (NNPCL) to raise about $20 to $30 billion to jumpstart the economy.

Moghalu, in a series of tweets on his X handle, also asked the Yemi Cardoso-led management of the apex bank to focus on price stability rather than seeking to do what he described as falsely strengthening of the naira against the dollar.
Moghalu said the Naira tanking back down to the N1,400 to $1 demonstrated what some people had been saying.

“Seeking a ‘falsely strong’ currency when the fundamentals are out of whack is shadow chasing. The focus should be on the stability of the exchange rate, not a populist exchange rate and premature declarations of ‘best performing currency’.

“Privatise @nnpclimited and raise at $20-$30 billion from an IPO. Or go for a “whale” of a $20-30 billion bailout from @IMFNews (nothing less), with forensic oversight of the money and how it is spent,” he said.

Moghalu stated that the federal government needs the new money to reposition the economy, adding “all these trickle-down” borrowing of $1 billion, $2 billion won’t hack it”.

Reacting to the steady fall of the naira to about N1,400/$ after it had hit a seven-month high of N1,000/$ barely two weeks ago, Moghalu, in a series of tweets on X on Monday, stated that “the focus should be on the stability of the exchange rate, not a populist exchange rate”.

“Reports that there are now multiple exchange rates to BDCs, Customs, and NAFEX are also worrying,” he added.

The political economist said the reports that there are now multiple exchange rates to BDCs, Customs, and NAFEX are worrying to the extent that they create more problems for the economy. “It’s not yet uhuru. Let us stabilise the Naira at whatever is its true market value and then pivot to the real issues: taking Nigeria to 20-25K megawatts of 24 hour electricity in 2-3 years starting with Lagos, Kano, Onitsha and Nnewi (Aba seems promising with Geometric power) so we can create a truly productive economy. Dealing decisively with oil theft and ramping up oil production to bring in dollars soonest. 

“Privatise @nnpclimited and raise at $20-$30 billion from an IPO. Or go for a “whale” of a $20-30 billion bailout from @IMFNews (nothing less), with forensic oversight of the money and how it is spent. All these “trickle down” borrowing of $1 billion, $2 billion there won’t hack it.
“We need to get serious. Managing an economy is not politics or a clap-and dance performance theatre. It’s serious business. I recently briefed global institutional investors with a combined $15 trillion in assets under management 2024 SpringMeeting2024 Washington DC at their request.
“Confidence in Nigeria’s economic reforms, in terms of serious portfolio inflows, remains tentative. These reversals won’t help,” he said in a series of tweets on X.com yesterday.

Nigeria’s minister of solid minerals development, Dr. Oladele Alake on Monday disclosed that the country had a solid mineral wealth worth in excess of $750bn, according to a survey report by a German firm, GeoScan.

He, however, hinted that Nigeria was likely to have much more than the figure when the reports of other surveys from other reputable global firms are received.

The minister made this comment at a two-day Stakeholders’ Roundtable on Solid Minerals Development jointly organised by the National Institute for Policy and Strategic Studies (NIPSS) and Bruit Costaud in Abuja Monday Nigeria.

Alake said the mining sector had the potential to contribute a large chunk of the wealth necessary to turn Nigeria into a trillion-dollar economy which is a major goal of the Tinubu administration.

He stated that the availability of data is important to attract investors to Nigeria as it would help them make informed investment decisions, adding that bringing them to site their processing plants in Nigerian will have the multiplier effect of job and wealth creation for the citizens on the one hand and the growth of the country’s economy.

“We are working with the World Bank, Excalibur and GeoScan, a German company, to get the necessary data on the sector. That is why the federal government signed a memorandum of understanding with Geoscan and they did a preliminary survey of our minerals on the output and potential. They gave us a figure of $750 billion worth of minerals embedded under the ground of Nigeria.” 

“That is a conservative estimate, by the time we conduct a serious, accurate data exploration, we will discover that we have trillions of solid minerals embedded under. So, the president’s projection of a one-dollar economy is not a fluke. By the time we are done with all of these efforts, input and policies we are putting in place, trillions of naira will be a child’s play and we will be nudging trillions of dollars.” 

Alake further stated that the president has given the ministry the mandate to re-organise the sector from exploration to production and processing with the ultimate objective of making it a key contributor to the national economy.

“Nigeria is prime to become the new global mining destination and together we will make this vision a reality,” he said, adding that as the foremost government think-tank, the stakeholders’ roundtable will enrich NIPSS’ analysis of the sector and the recommendations from the summit will no doubt point to the steps to be taken to enable the sector deliver on its mandate.

He reiterated his resolute stance on local value addition in products mined in the country and highlighted that through his advocacy and leadership of African ministers of solid minerals, all the other African countries had adopted the same policy of value addition.

The minister added that part of his seven-point agenda of reform is the formation of a mining police, which has been launched and already arresting illegal operators across Nigeria, and the establishment of the Nigerian Solid Minerals Corporation.

“When I first said this, a lot of people were taken aback and sceptical because what rang in their mind was NNPC, that is, we are going to establish something similar like NNPC, which is a quasi-government venture. But no, the proposed corporation is vastly different in nomenclature, structure and operation,” he said, assuring that it will be private sector-led.

“We are proposing 50 per cent of the equity entirely to the private sector, 25 per cent to Nigerians in general and 25 per cent to the government,” he explained.

On his part, the governor of Nasarawa State, Abullali Sule, said that lithium is the new gold and that Nigeria has it in great abundance.

He further stated that his administration had set up the biggest lithium processing factory in Nigeria and that it will soon be processing 4,000 metric tonnes a day and transporting over a million tonnes of lithium a year.

NIPSS director-general of NIPSS, Ayo Omotaya, in his speech said the summit was organised to bring together the various stakeholders in order to propose solutions to challenges confronting the mining industry.

In an earlier interaction with journalists, he gave assurance that the two-day event will not be just another academic exercise but that decisions reached will be useful to the cause of turning the mining sector into Nigeria’s major earner in the near future.

The House of Representatives on Tuesday directed the Nigeria Electricity Regulatory Commission (NERC) to halt the rollout of the new electricity tariff.

The decision was reached after the adoption of a motion of urgent public importance, spearheaded by Nkemkanma Kama, a lawmaker from the Labour Party (LP) representing Ebonyi state.

Recall that on April 3, NERC approved an increase in electricity tariffs for customers belonging to Band A, which led to legislative action.

Customers in this category, who receive 20 hours of electricity per day, were supposed to start paying N225 per kilowatt (kW), a significant increase from the previous tariff of N66.

Meanwhile, yesterday, during a hearing at the Senate Committee on Power, Adebayo Adelabu, Minister of Power, defended the tariff hike by stating that the Federal Government could no longer afford to provide subsidies on power.

He said for the sector to be revived, the government needs to spend about $10 billion annually in the next 10 years.

“This is because of the infrastructure requirement for the stability of the sector, but the government cannot afford that,” the minister had said.

Adelabu has stated that the electricity sector is attracting more investors due to the increase in electricity tariff for Band A customers.

Former presidential candidate of the Labour Party, LP, Mr Peter Obi, has slammed President Bola Tinubu’s administration for going on with the controversial Lagos-Calabar coastal highway project in defiance of public outcry.

He expressed displeasure that the government is embarking on a project threatening jobs at a time of rampant unemployment.

According to him, it’s not too late to discontinue the Lagos-Calabar highway project, adding that urgent necessities are nationwide security, poverty eradication, healthcare, and education, especially for the poor and underprivileged.

Obi described the reported demolition of businesses and residences in the designated right of way for the project as insensitive and heart-wrenching.

He lamented that livelihoods are being wiped away, lifetime investments wasted, and jobs disappearing as a result of the demolition.

In a post on his X handle on Tuesday, the former Anambra State governor said that the hasty flag-off of the project defies the widespread outcry by the public, especially business and property owners directly affected by the project.

He said: “Contrary to reason and the necessity for compassion in public policy, the federal government has commenced the controversial Lagos-Calabar coastal highway project.

“The outcry against this project has been overwhelming due to the current situation in the country. However, reports as of yesterday indicate that demolition of businesses and residences in the designated right of way for the project has commenced from the Lagos end.

“The sight of this insensitive demolition is heart-wrenching. Livelihoods are being wiped away, lifetime investments are being wasted, and jobs are disappearing as bulldozers roar through. The homes of the elderly are being overturned by the power of bulldozers.

“This hasty flag-off defies the widespread outcry by the public, especially business and property owners directly affected by the project. Nobody knows the outcry that will accompany this project as it progresses towards poor rural landscapes.

“Thousands of jobs are about to be lost, with investments above $200 million at risk. Over 100,000 jobs in the leisure and hospitality sector face imminent extinction, along with 80 small businesses and their 4000 mostly youth employees.

“At a time of rampant unemployment, the government is embarking on a job-losing project. The economic losses currently observed are primarily limited to the initial kilometers in the Lagos area.

“However, the 700 km stretch of this road will pass through rural regions where affected individuals lack the voice, power, or influence to assert their rights. Significant sections of the public have questioned the process preceding the project’s approval, yet the government remains deaf to reason and caution.

“While acknowledging the economic value of the road, its conception dating back to Tafewa Balewa’s time, several parameters have changed. Insecurity and poverty are rampant, placing this project lower on today’s national priorities.

“It’s time to question the rationale and timing of this and similar projects. The nation is in its worst economic state in history, with poverty and hunger spreading. The basic necessities of life are beyond reach for most Nigerians.

“This is a moment when a committed government cannot embark on non-essential projects. Existing highways urgently need maintenance, and insecurity makes travel unsafe.

“Just a few days ago, many lives were lost, and over 70 vehicles were burned in a fuel tanker explosion that occurred on the East-West road in Rivers State. This tragic accident was primarily caused by the extremely poor condition of the road, which has been neglected for years and urgently needs attention. Our economy is struggling, and our health institutions are ill-equipped. Why embark on an expensive new highway project when there are close to 50 abandoned federal highway projects across the country?

“The urgent necessities are nationwide security, poverty eradication, healthcare, and education, especially for the poor and underprivileged. It’s not too late to discontinue the Lagos-Calabar highway project.

“We cannot afford another expensive abandoned project. Nigeria’s urgent development needs are more real and essential. We do not need landscape decoration escapades.”

Justice Inyang Edem Ekwo of the Federal High Court, Abuja, has struck out two separate suits questioning the Peoples Democratic Party, PDP’s primary election that produced Asue Ighodalo as governorship candidate for the coming Edo State gubernatorial poll.

The court held that those who instituted the suits from the political camp of former Deputy Governor of the state, Philip Shuaibu, have no locus standi to do so.

Delivering judgments in the suits on Tuesday, Justice Ekwo held that the plaintiffs failed to exhibit sufficient, direct, and tangible personal interest that could lead the court to nullify the primary election.

While the first suit, marked: FHC/ABJ/CS/195/2024, was filed by Adizetu Umoru, the second suit, marked: FHC/ABJ/CS/196/2024, was filed by Moses Alabi and Christopher Oboarer.

The plaintiffs had sued the Independent National Electoral Commission, INEC, PDP, Umar Damagu (acting national chairman), Setonji Koshoedo, PDP’s National Working Committee, NWC, and its National Executive Committee, NEC, as 1st to 6th defendants respectively.

The three plaintiffs, in their separate motions filed on February 19, had sought an interim order of the court restraining the defendants from using the list of ward congresses held on February 4 to conduct the PDP’s primary in Edo State, slated for February 22 or any other date pending the hearing and determination of the main suit.

Justice Ekwo however held that the plaintiffs did not establish how their individual interests were affected or jeopardized by the primary election.

Specifically, the Judge said that the plaintiffs did not establish whether they were eligible to participate in the election but prevented or whether wrongdoings were displayed during the election.

The Nigerian National Petroleum Company, NNPC Ltd, has assured Nigerians that the ongoing fuel scarcity and queues will be cleared out Wednesday, May 1.

According to the News Agency of Nigeria, NAN, the Chief Communications Officer, NNPCL, Olufemi Soneye, disclosed this to newsmen on Tuesday in Lagos.

He said the company currently has an availability of product exceeding 1.5 billion litres, which can last for at least 30 days.

“Unfortunately, we experienced a three-day disruption in distribution due to logistical issues, which has since been resolved.

“However, as you know, overcoming such disruptions typically requires double the amount of time to return to normal operations,” he said.

He said: “Some folks are taking advantage of this situation to maximize profits.

“Thankfully, product scarcity has been minimal lately, but these folks might be exploiting the situation for unwarranted gain

“The lines will be cleared out between today and tomorrow.”

Meanwhile, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, lPMAN, Hammed Fashola, expressed optimism that the queues in Lagos and Ogun would ease off this week, relying on the words of the NNPCL.

Fashola, however, stated that the queues in Abuja might tarry a bit due to the distance to Lagos.

“The information available to us from the NNPCL was that there was a logistics problem, and when that happens, it will disrupt the supply chain.

“That might be a delay in the movement of ships from the mother vessel to the daughter vessel before it gets to the depot tanks.

“Before we can correct that, surely it will take some days. I think by Tuesday or Wednesday, there will be more products available for lifti¹ng by marketers.

“It might take time before it can ease off in Abuja, considering the distance to Lagos and the bad roads; Lagos might be calm this new week,” Fashola assured.

The talented Nigerian international goalkeeper, Chiamaka Nnadozie, has made an indelible mark in the annals of history by becoming the first African and Nigerian player to be honoured as the top goalkeeper in the French D1 Arkema (women’s league).

Naija News reports that throughout this season, the 23-year-old Super Falcons goalkeeper has showcased her exceptional skills, particularly in saving penalties, solidifying her position as one of the finest goalkeepers on the global stage.

Nnadozie triumphed over fierce competition from Christiane Endler of Olympic Lyon and Katarzyna Kiedrzynek of Paris SG, emerging as the deserving recipient of this prestigious individual recognition.

“It’s very pleasing because she deserves it and she achieved an exceptional Champions League and not only on penalties.

“She is adorable. It is deserved. We know that she will be courted this summer, but we will try to keep her,” said Pierre Ferracci, the president of Nnadozie’s club, Paris FC.

Naija News reports that Nnadozie has been unrivalled in saving penalties this season, leading Europe with an impressive seven saves.

Recall that Nnadozie was also awarded CAF Women’s Goalkeeper of the Year in 2023.

Paris FC is currently in third place in the league standings with 42 points, trailing Paris Saint-Germain by eight points and Lyon by 11 points.

After winning the French D1 Arkema Goalkeeper of the Year award, Nnadozie expressed her gratitude on social media platform X, stating that she was thrilled to have received this honour.

“A big thanks to everyone who voted for me, and also a special appreciation to my coaches and teammates for all the support and encouragement, to my amazing family, and to Naija fans Una too much. GOD DID,” she added.

Former African Footballer of The Year, Victor Ikpeba, believes the appointment of Finidi George as Super Eagles coach will be a blessing to home-based players.

After waiting almost two months, the Nigeria Football Federation (NFF) announced Finidi George as the head coach of the Super Eagles.

Before his appointment, Finidi served as the Super Eagles’ assistant coach for 20 months and was the head coach of Enyimba of Aba.

Ikpeba, a member of the Nigerian Football Federation Technical Committee that endorsed Finidi for the Super Eagles coaching job, said the former Nigeria international, who won the NPFL with Enyimba last season, will provide opportunities for homegrown players.

“Being actively involved in Nigerian football, Finidi understands the local talent pool,” Ikpeba said on Monday Night Football aired on SuperSport.

“As the coach of NPFL champions Enyimba, he’s in touch with the domestic scene and will provide opportunities for homegrown talents, just as he once emerged as a star player himself.”

Reports claimed that Finidi George signed a one-year contract with the NFF with a one-year extension option. His first assignment is to lead the Super Eagles to qualify for the 2026 FIFA World Cup.

The journey to that goal will commence on June 3 when the Super Eagles take on South Africa in their third game of the qualification series. After the game in Uyo, the Eagles will fly to Abidjan in Ivory Coast to take on Benin Republic on June 10.

Nigeria is currently third in Group C, a point behind second-placed South Africa, and two points below first-placed Rwanda. Hence, the Eagles are expected to win their games this June to increase their chances of qualifying for the 2026 FIFA World Cup.

“In the upcoming matches against South Africa and Benin in June, Nigeria faces crucial fixtures that could define our World Cup aspirations,” Ikpeba said.

“We find ourselves in a challenging position having drawn our initial qualifiers, so securing victories in the upcoming games is imperative. With the talents at our disposal, if Finidi can extract the best from the players, qualification is within our reach.”